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Judge Extends Plea Deadline for UBS Rogue Trader

November 22, 2011
Former UBS trader charged with fraud,  Kweku Adoboli, was given an additional four weeks by a London judge to look at evidence and get legal advice before entering a plea.  Patrick Gibbs, Mr. Adoboli’s lawyer, asked the judge for a four-week delay in the case to evaluate the “quite large amount of electronic material” - which he expects would “lead to a better understanding of exactly what it was that preceded the calamitous losses.” Judge Alistair McCreath initially challenged the appeal, saying that it would be preferable to move on with the case.  To the probable disappointment of journalists and members of the public filling the visitor’s gallery, he then granted the delay. Adoboli, who was charged in September for his role in the $2.3 billion trading loss that shook the Swiss bank, was remanded to custody until Dec. 20. The 31-year-old appeared at London’s Southwark Crown Court, his fourth court appearance since he was arrested, and spoke only to confirm his name. UBS discovered the trading loss on 9/14 and police arrested Mr. Adoboli at 3.30 a.m. the following morning.  He's charged with 2 counts of fraud and 2 counts of false accounting.   [Dealbook 11/22/11]